Fruitapeel md Terry Haigh and shareholder Deborah Haigh took ownership of the Lancashire-based manufacturer from fellow shareholders Frank and Philip Frederick. The firm’s finance director Neil Murgatroyd also became a shareholder.
Terry Haigh will continue in his role as md, Fruitapeel confirmed.
Haigh said: “It's an exciting time for everyone involved in Fruitapeel and I'm delighted to be able to continue in my role as md, and build on the company’s already great reputation to take the company forward,” he said.
Enter new markets
Fruitapeel could enter new markets after the MBO, according to accountancy and advisory firm CLB Coopers, which advised the Haighs’ on the deal.
CLB Coopers senior director Andrew Feeke said: “We have worked with Terry for a number of years, supporting him in the development of the business and in putting in place a clear plan for growth.
“We are delighted to have been able to work with him through this transaction, which will put the company in the ideal position to exploit a wealth of new market opportunities. We have no doubt Fruitapeel will continue to be a great success under Terry’s ownership, and we look forward to working with him in what looks set to be a very exciting and positive future for the business.”
The MBO’s funding came from Allied Irish Bank (GB). It also provided working capital facilities. The Haighs’ knowledge of the fruit and confectionery sauce sector motivated the bank to invest, it said.
Motivated the bank to invest
Allied Irish Bank (GB) manufacturing senior relationship manager Mike Dinnell said: “Allied Irish Bank (GB) is pleased to support existing shareholders Terry and Deborah with the MBO of Fruitapeel.
“Our appetite to provide funding support and working capital facilities to the business is driven by management’s clear knowledge and expertise in the sector. We view this as an opportunity to provide a long-term partnership with Terry and Neil in their strategy to grow the business.”
Fruitapeel’s 4,645m2 factory is based in Simonswood, west Lancashire. The site has a capacity of 400t a week, and manufactures fruit and confectionery sauces for the UK’s ice cream market. It also makes fruit purées, compotes, coulis, jams, and preserves for the cakes and bakery sector.
Meanwhile, don’t miss our photogallery of recent food manufacturing industry mergers and acquisitions.
- Md Terry Haigh and Deborah Haigh complete MBO
- Finance director Neil Murgatroyd becomes shareholder
- Undisclosed fee